Acceptance is Good For Your Business
Cash used to be king, but in the world of consumer payments, plastic now wears the crown. According to a First DataTM study, 62% of consumers say they prefer to pay with a signature debit, PIN debit or credit card, while only 32 percent prefer cash1.
Are you missing out on sales by not accepting card payments?
Boost Your Business
By accepting credit and debit card payments, you enable customers who prefer to pay with plastic to make purchases from you, thus increasing your traffic, volume and revenue.
Another benefit of utilizing merchant services is the ability to take advantage of gift card programs. Old-fashioned paper-based gift certificates require a ledger or crossing out values on the certificate to pencil in new balances--gift cards are much easier and more efficient to manage.
Offering gift cards is also a great way to enhance your brand and market your business. And studies indicate that consumers often spend more than the value of their gift cards: In a First Data survey, nearly 72 percent of gift card recipients said they spent more than the initial value of their gift card, with an average increased spend amount of $182.
Growing Customer Expectations
In some industries today--like retail stores and restaurants, for example--customers expect to be able to pay using credit and debit cards. While this same expectation doesn't exist in every industry, it is spreading.
Contractors, HVAC businesses, plumbers, PC repair operations, not-for-profit organizations--these are just a few examples of industries where there is a growing expectation among consumers that they be able to pay with plastic. If you operate in one of these industries, you may be losing sales if you aren't utilizing merchant services.
1 First Data Corporation. Market Brief: Consumer Payment Preferences for In-Store Purchases. 2008
2 First Data Corporation. 2010 U.S. Gift Card Consumer Insights Survey. March 2011